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When shopping around for credit, it’s essential to compare your options to find the best deal. That’s where Fincheck loans come in.
Keep in mind that this is not actually a direct lender, but a comparison website that does the homework for you. Here, we provide a closer look at how this option works.
✅ How Much Do You Need?
WHO IS FINCHECK?
This is is a financial services and loan comparisons site that helps you navigate the online lending marketplace in South Africa.
The company is part of the Finch Technologies Group. It collects information from a wide network of banks, microlenders, and other partners and serves it to borrowers as simple facts and figures.
The company was founded in 2015 by Christopher Ball and Michael Bowren.
KEY FEATURES
- Amounts from R300 up to R500 000
- Available products include personal loans, debt consolidation loans, vehicle finance, and credit cards
- Service includes free access to a Learning Academy
PROS
✔️ Quick application
✔️ Wide range of options available
✔️ Free loan comparison service
✔️ Helpful financial tools
CONS
❌ Not a direct lender
WHY WE LIKE IT
Although the company is not a direct lender, it offers a valuable service that simplifies the lives of many South Africans.
What makes this company unique is the depth of information freely available to borrowers who need all the help they can get to sift through the numerous financial products available on the market.
In a nutshell, the company has created a financial supermarket that helps everyday South African citizens to make better financial decisions.
SUMMARY
For those who hope to find the best deals for online loans in South Africa, this service offers a quick and convenient comparison process.
The comparison site takes the hassle out of loan shopping and ensures borrowers have many options at their fingertips in one place.
FINCHECK LOANS ARE BEST FOR YOU IF YOU:
- Want to shop for credit in South Africa in one place
- Are looking for a quick-application online
- Need extra help to manage your finances better
Full Fincheck Personal Loans Review
Let’s take an even closer look at how this lender can help you find the right offer that suits your needs.
Pros Explained
Complete your application in under 2 minutes
You can apply for a loan in under two minutes. All you need to do is fill out the application form to prequalify.
You can quickly navigate the easy-to-use interface to kickstart the online application that connects you to many different lenders in a few clicks.
Get multiple offers from various lenders
When you apply, you’ll get multiple offers. That way, you can do quick comparisons to find the best available deal that matches your needs and circumstances.
The company has created a versatile comparison marketplace where borrowers can compare a range of products from over 20 different lenders.
That means you have a lot of options to choose from and an efficient way to narrow down the best option.
100% independent and free service
The service is completely free. The company earns commissions when consumers apply for various financial products via the site. T
he good news is that the company’s match-making engine is objective and will recommend the best offers for you.
You have the freedom to accept or decline offers, as they’re non-binding and non-obligatory.
Get free access to tools that benefit your financial health
One of the extra perks of using this service is that you get free access to Fincheck Academy.
Here, you can receive financial education, learn more about personal finance and financial products, and get access to tools like loan calculators and the free MyFincheck tool.
Cons Explained
The company is not a direct lender
This is not a credit provider, it only connects you to various lenders.
The company only simplifies the process of getting credit online by connecting you to multiple lenders with a single application.
It’s essential to read the fine print before you accept an offer from your selected lender.
Ultimately, the contract you sign is between you and that particular lender.
Fincheck has no say on the terms and conditions you’ll receive. The company also doesn’t have the power to change the lender’s decision.
How Do Fincheck Loans Work?
The online marketplace offers several financial products you can compare in one place.
- Personal loans. You can receive quotes for credit – both short term and long term – ranging from R300 up to R500 000.
- Debt consolidation loans. The financial comparisons site not only helps you compare debt consolidation options. You can also discover the right debt counselling partner to help you escape the debt cycle.
- Credit cards. The service helps you compare the best credit cards on the market. Credit cards with low rates can help you build your credit score.
- Car finance. Need to buy a car? Compare your car finance options instead of settling for the first quote you come across.
WHO CAN QUALIFY?
The marketplace is a win-win for both consumers and lenders. The interest rate, fees, loan amounts, repayment options, requirements, and other terms and conditions you get vary from lender to lender. The offers you get are primarily based on your financial profile.
If you’re blacklisted or have poor credit, it’s possible to find alternative lenders willing to consider your application. By comparing the top available offers, you have the best chance of finding a lender whose requirements you meet.
Is Fincheck a Safe and Trusted Option?
It does not cost you anything to compare and select financial products on the company’s marketplace.
The offers and quotes you receive are non-binding. Fincheck works closely with its lender partners to ensure that consumers can find the perfect offer.
The company does not take money from applicants or send your information to another party without your consent.
In addition, the service only partners with registered credit providers, whose information you can verify with the NCR.
That said, it’s crucial to do your diligence and read Fincheck loans reviews online before making a decision.
How to Apply for a Fincheck Loan
There are general requirements you need to meet to apply via this service.
However, lender criteria vary when it comes to factors like minimum income and credit score requirements.
Check your eligibility before following the 3-step application process.
What You Need to Qualify
- Be 18 years or older
- Have a valid South African ID
- Be employed with a regular monthly income
- Have a working bank account, phone number, and email address
Loan Application Process
The company has an easy and quick 3-step application process. The first and most important step is to provide your basic information.
This ensures that Fincheck knows exactly what you’re looking for and can match you with personalised offers.
The company has an innovative match-making engine that connects you to lenders that fit your credit score and financial circumstances.
Once you get offers, the next step is comparing them. You then select the product you feel best serves your needs.
When you select an offer, your application is forwarded to the chosen lender, and they’ll contact you on the next steps to take to finalise the deal with a formal loan application.
Keep in mind that you’re applying with an independent company that does not endorse any particular lender.
It’s up to you to decide which loan option best fits your needs. You can choose to do another application with a lender elsewhere.
Fincheck Contact Details
📌Contact number: +27 836407927
📌Email: info@fincheck.co.za
Other Options Like Fincheck
Looking for similar loans? There are few companies that have developed a financial comparison website and marketplace for South Africans.
- MyLoan. This is a one-stop shop for comparing loans in South Africa. You can apply for loans ranging from R5000 to R250,000 and get offers in seconds.
- Moneyshop. Moneyshop is another credit and insurance finding service available to South Africans free of charge and with no obligations.
- Arcadia Finance. Arcadia Finance also has a wide network of lending partners to help you simplify your search for the right financial product.
Frequently Asked Questions
It can take as little as a few hours for a lender to extend an offer once you apply. Typically, a lender will call, SMS, or email to let you know what you need to do to finalise your application. If you haven’t received an offer, it’s likely you did not qualify.
If you did not qualify, it’s most likely you did not meet the minimum credit score requirements.
Fincheck gives you access to your free credit report so you can verify the health of your credit rating. You’ll get helpful tips to boost your score and explore debt counselling solutions to get back on track.
Watch Video: Fincheck – 6 Things You Need for Loan Applications
Our Research Expert
Gracie Makowe is a full-time personal finance writer with 10 years of experience and a Bachelor of Commerce in Financial Management from UNISA. Learn more.